Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Position Limits for VIX Options, 36569-36571 [06-5680]
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Federal Register / Vol. 71, No. 123 / Tuesday, June 27, 2006 / Notices
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COMMISSION
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[FR Doc. 06–5748 Filed 6–23–06; 12:01 pm]
Laura Auletta,
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[FR Doc. 06–5762 Filed 6–26–06; 8:45 am]
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SECURITIES AND EXCHANGE
[Release No. 34–54019; File No. SR–CBOE–
2006–55]
Sunshine Act Meeting
BILLING CODE 8010–01–M
36569
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Regarding Position
Limits for VIX Options
June 20, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 31,
2006, the Chicago Board Options
Exchange, Incorporated (‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed
this proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder,4 which
renders the proposed rule change
effective upon filing with the
Commission.5 The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CBOE is filing this rule change to
eliminate the position limits for the
regular-size options on the CBOE
Volatility Index (‘‘VIX’’); the CBOE
Nasdaq 100 Volatility Index (‘‘VXN’’);
and the CBOE Dow Jones Industrial
Average Volatility Index (‘‘VXD’’).6
The text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.com), at the
Exchange’s Office of the Secretary, and
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 The Exchange requested the Commission to
waive the five-day pre-filing notice requirement and
the 30-day operative delay, as specified in Rule
19b–4(f)(b)(iii). 17 CFR 240.19b–4(f)(6)(iii).
6 CBOE also has an increased-value version of
VIX, VXN, and VXD, which is calculated by
multiplying the corresponding index level of the
regular-size VIX, VXN, and VXD, respectively, by
ten. See Securities Exchange Act Release No. 49698
(May 13, 2004), 69 FR 29152 (May 20, 2004)
(‘‘Notice of Filing Order Granting Accelerated
Approval of a Proposed Rule change by [CBOE]
Relating to Options on Certain CBOE Volatility
Indexes’’). Telephone conversation between Angelo
Evangelou, Assistant General Counsel, CBOE, and
Geoffrey Pemble, Special Counsel, Division of
Market Regulation, Commission, on June 19, 2006.
2 17
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36570
Federal Register / Vol. 71, No. 123 / Tuesday, June 27, 2006 / Notices
at the Commission ’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of those
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange received approval from
the Commission to list and trade cashsettled, European-style options on the
regular-size VIX, VXN, and VXD 7
(together, ‘‘Regular-Size Volatility Index
Options’’). VIX, VXN, and VXD are
calculated using real-time quotes of atthe-money and out-of-the-money nearby
and second nearby index put and call
options of S&P 500 Index (SPX), the
Nasdaq 100 Index (NDX), and the Dow
Jones Industrial Average Index (DJX),
respectively. Generally, volatility
indexes provides investors with up-tothe-minute market estimates of expected
volatility of the corresponding securities
index that search particular volatility
index tracks.
The Exchange originally sought and
received approval for position and
exercise limits of Regular-Size Volatility
Index Options in the amount of 25,000
contracts on either side of the market,
with no more than 15,000 of such
contracts in series in the nearest
expiration month. The Exchange later
sought and received approval to
increase the position limits for the
Regular-Size VIX, VXN, and VXD to
250,000 position and exercise limits on
either side of the market for each of
those contracts, with no more than
150,000 of such contracts in series in
the nearest expiration month.8 Since
sroberts on PROD1PC70 with NOTICES
7 See
Securities Exchange Act Release No. 49563
(April 14, 2004), 69 FR 21589 (April 21, 2004)
(‘‘Order Granting Approval to Proposed Rule
Change and Notice of Filing and Order Granting
Accelerated Approval to Amendment No. 2 Relating
to Options on Certain CBOE Volatility Indexes’’).
8 See Securities Exchange Act Release No. 53470
(March 10, 2006), 71 FR 13871 (March 17, 2006)
(notice of immediate effectiveness for SR–CBOE–
2006–26).
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that time, trading volume in the
Regular-Size Volatility Index Options
has continued to grow dramatically.
These products settle using quotes and
traded prices from their corresponding
index options. Given that there are no
position limits for heavily traded broadbased index option contracts on the
DJX, NDX, and SPX, the Exchange
believes it is appropriate to eliminate
the position limits for the Regular-Size
VIX, VXN, and VXD. Because the size of
the market underlying these broadbased index options is so large, CBOE
believes that this should dispel any
concerns regarding market
manipulation.9 By extension, CBOE
believes that the same reasoning applies
to VIX options since the value of VIX
options are derived from the volatility of
these broad based indexes.10
CBOE believes this rule change will
enhance the ability of brokerage firms to
facilitate their customers’ volatility
trading strategies.
2. Statutory Basis
By eliminating the position limits for
Regular-Size Volatility Index Options,
the Exchange believes that this
proposed rule change is consistent with
Section 6(b) of the Act,11 in general, and
further the objectives of Section 6(b)(5)
in particular,12 in that it should promote
just and equitable principles of trade,
serve to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposal.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change
has become effective pursuant to
9 Telephone conversation between Angelo
Evangelou, Assistant General Counsel, CBOE, and
Geoffrey Pemble, Special Counsel, Division of
Market Regulation, Commission, on June 19, 2006.
10 Id.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
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Section 19(b)(3)(A) of the Act.13 and
Rule 19b–4(f)(6) thereunder 14 because
the proposed rule change: (1) Does not
significantly affect the protection of
investors or the public interest; (2) does
not impose any significant burden on
competition; and (3) does not become
operative for 30 days from the date of
filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest pursuant to Section
19(b)(3)(A) of the Act 15 and Rule 19b–
(f)(6) 16 thereunder.
The Exchange has requested that the
Commission waive the five-day prefiling notice requirement and the 30-day
operative delay.17 The Commission is
exercising its authority to waive the
five-day pre-filing notice requirement
and believes that the waiver of the 30day operative delay is consistent with
the protection of investors and the
public interest. Acceleration of the
operative delay would allow CBOE to
eliminate position limits for RegularSize Volatility Index Options, which
would make the position limit treatment
of these options consistent with that of
broad-based index option contracts on
the DJX, NDX, and SPX. For these
reasons, the Commission designates the
proposal to be effective and operative
upon filing with the Commission.18
At any time within 60 days of the
filing of the proposed rule change the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in the furtherance of the
purposes of the Act.
IV. Solicitation of Comments
Interested persons ar invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
15 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6)(iii).
17 17 CFR 240.19b–4(f)(6)(iii).
18 For the purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
14 17
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Federal Register / Vol. 71, No. 123 / Tuesday, June 27, 2006 / Notices
Number SR–CBOE–2006–55 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–54021; File No. SR–CHX–
2005–06]
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2006–55. This file
number should be included on the
subject lien if e-mail is used.To help the
Comission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Section, 100 F Street, NE., Washington,
DC 20549–1090. Copies of such filing
also will be available for inspection and
copying at the principal office of the
CBOE. All comments received will be
posted without change; the Commission
does not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2006–55 and should
be submitted on or before July 18, 2006.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.19
J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06–5680 Filed 6–26–05; 8:45 am]
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19 17
CFR 200.30–3(a)(12).
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Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing of Proposed Rule Change and
Amendment No. 1 Relating to the
Exchange’s Disciplinary Process
June 20, 2006.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 7,
2005, the Chicago Stock Exchange, inc.
(‘‘CHX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the CHX. On June 2, 2006,
the Exchange filed Amendment No. 1 to
the proposed rule change.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as amended, from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The CHX proposes to adopt, amend,
and delete a number of rules relating to
the Exchange’s enforcement and
disciplinary processes. This proposal, as
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 revises the proposal to: (i)
Clarify the role of Exchange counsel in both
disciplinary and delisting proceedings by providing
that Exchange counsel—who are not part of the
CHX’s Market Regulation Department—can serve as
counsel for the Hearing Officer, so long as these
attorneys have not directly participated in any
examination, investigation or decision associated
with the initiation or conduct of the particular
proceeding; (ii) delete proposed changes to the
Exchange’s Minor Rule Violation Plan contained in
the original filing, which have been filed separately
with the Commission in File No. SR–CHX–2005–39;
(iii) eliminate the proposed addition of new types
of violations to the existing summary procedure for
handling minor infractions; (iv) clarity that any
person against whom a fine is imposed for minor
infractions pursuant to CHX Art. XII, Rule 2(a) will
be provided with notice of the violation and fines
imposed; (v) provide dual authority to the Chief
Executive Officer and Chief Regulatory Officer to
impose restrictions on Participant Firm operations
for failure to meet the requirements of CHX Art. XI,
rule 3, ‘‘Net Capital and Aggregate Indebtedness;’’
(vi) modify the Exchange’s delisting rule, CHX Art.
XXVIII, Rule 4, to make the hearing and appeal
process for delisting decisions similar to the
hearings that might be held in other matters and to
provide that the initial delisting decision-makers
are not the same persons who would hear an appeal
from that decision; and (vii) incorporate additional
details that had not been included in the original
version of the proposal, but which have been added
to respond to comments from Commission staff.
Amendment No. 1 replaces and supersedes the
original filing in its entirety.
2 17
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36571
amended, would: (1) Modify the
procedures by which formal
disciplinary actions and certain other
matters that require a hearing are
instituted by removing the Chief
Executive Officer (‘‘CEO’’) from the
authorization process and substituting
the Exchange’s Chief Regulatory Officer
(‘‘CRO’’); (2) adopt a rule establishing
the criteria by which Hearing Officers
are selected and providing a procedure
by which a respondent may move to
replace a Hearing Officer based upon a
showing of bias or conflict of interest;
(3) delete the requirement that the CEO
approve, modify, or reject the findings
of a Hearing Officer in a formal
disciplinary action and certain other
matters that require a hearing; (4)
modify the existing rules relating to
appeals of Hearing Officer decisions to
permit the Exchange to appeal an
adverse decision; (5) amend the
Exchange’s rules relating to the nonpayment of fines to provide for
additional sanctions; and (6) make
various language and organizational
changes. The text of this proposed rule
change is available on the Exchange’s
Web site https://www.chx.com/rules/
proposed_rules.htm and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
CHX included statements concerning
the purpose of, and basis for, the
proposed rule change and discussed any
comments it received on the proposed
rule change. The text of these statements
may be examined at the places specified
in Item IV below. The CHX has prepared
summaries, set forth in Sections A, B,
and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In light of the Commission’s recent
guidance that a self-regulatory
organization (‘‘SRO’’) should ensure that
its ‘‘regulatory function is strong,
vigorous, and sufficiently independent
and insulated from improper influence
from management or any regulatory
entity,’’ 4 the CHX has reviewed its
existing rules relating to its disciplinary
4 Securities Exchange Act Release No. 48946
(December 17, 2003), 68 FR 74678 (December 24,
2003) (order approving File No. SR–NYSE–2003–
34) (the ‘‘ NYSE Governance Order’’).
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]]>Agencies
[Federal Register Volume 71, Number 123 (Tuesday, June 27, 2006)]
[Notices]
[Pages 36569-36571]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-5680]
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SECURITIES AND EXCHANGE
[Release No. 34-54019; File No. SR-CBOE-2006-55]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Regarding Position Limits for VIX Options
June 20, 2006.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 31, 2006, the Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the
Exchange. The Exchange filed this proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the proposed rule
change effective upon filing with the Commission.\5\ The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
\5\ The Exchange requested the Commission to waive the five-day
pre-filing notice requirement and the 30-day operative delay, as
specified in Rule 19b-4(f)(b)(iii). 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
Self-Regulatory Organization's Statement of the Terms of Substance of
the Proposed Rule Change
CBOE is filing this rule change to eliminate the position limits
for the regular-size options on the CBOE Volatility Index[supreg]
(``VIX''); the CBOE Nasdaq 100[supreg] Volatility Index (``VXN''); and
the CBOE Dow Jones Industrial Average[supreg] Volatility Index
(``VXD'').\6\ The text of the proposed rule change is available on the
Exchange's Web site (https://www.cboe.com), at the Exchange's Office of
the Secretary, and
[[Page 36570]]
at the Commission 's Public Reference Room.
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\6\ CBOE also has an increased-value version of VIX, VXN, and
VXD, which is calculated by multiplying the corresponding index
level of the regular-size VIX, VXN, and VXD, respectively, by ten.
See Securities Exchange Act Release No. 49698 (May 13, 2004), 69 FR
29152 (May 20, 2004) (``Notice of Filing Order Granting Accelerated
Approval of a Proposed Rule change by [CBOE] Relating to Options on
Certain CBOE Volatility Indexes''). Telephone conversation between
Angelo Evangelou, Assistant General Counsel, CBOE, and Geoffrey
Pemble, Special Counsel, Division of Market Regulation, Commission,
on June 19, 2006.
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of those statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange received approval from the Commission to list and
trade cash-settled, European-style options on the regular-size VIX,
VXN, and VXD \7\ (together, ``Regular-Size Volatility Index Options'').
VIX, VXN, and VXD are calculated using real-time quotes of at-the-money
and out-of-the-money nearby and second nearby index put and call
options of S&P 500[supreg] Index (SPX), the Nasdaq 100[supreg] Index
(NDX), and the Dow Jones Industrial Average[supreg] Index (DJX),
respectively. Generally, volatility indexes provides investors with up-
to-the-minute market estimates of expected volatility of the
corresponding securities index that search particular volatility index
tracks.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 49563 (April 14,
2004), 69 FR 21589 (April 21, 2004) (``Order Granting Approval to
Proposed Rule Change and Notice of Filing and Order Granting
Accelerated Approval to Amendment No. 2 Relating to Options on
Certain CBOE Volatility Indexes'').
---------------------------------------------------------------------------
The Exchange originally sought and received approval for position
and exercise limits of Regular-Size Volatility Index Options in the
amount of 25,000 contracts on either side of the market, with no more
than 15,000 of such contracts in series in the nearest expiration
month. The Exchange later sought and received approval to increase the
position limits for the Regular-Size VIX, VXN, and VXD to 250,000
position and exercise limits on either side of the market for each of
those contracts, with no more than 150,000 of such contracts in series
in the nearest expiration month.\8\ Since that time, trading volume in
the Regular-Size Volatility Index Options has continued to grow
dramatically. These products settle using quotes and traded prices from
their corresponding index options. Given that there are no position
limits for heavily traded broad-based index option contracts on the
DJX, NDX, and SPX, the Exchange believes it is appropriate to eliminate
the position limits for the Regular-Size VIX, VXN, and VXD. Because the
size of the market underlying these broad-based index options is so
large, CBOE believes that this should dispel any concerns regarding
market manipulation.\9\ By extension, CBOE believes that the same
reasoning applies to VIX options since the value of VIX options are
derived from the volatility of these broad based indexes.\10\
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 53470 (March 10,
2006), 71 FR 13871 (March 17, 2006) (notice of immediate
effectiveness for SR-CBOE-2006-26).
\9\ Telephone conversation between Angelo Evangelou, Assistant
General Counsel, CBOE, and Geoffrey Pemble, Special Counsel,
Division of Market Regulation, Commission, on June 19, 2006.
\10\ Id.
---------------------------------------------------------------------------
CBOE believes this rule change will enhance the ability of
brokerage firms to facilitate their customers' volatility trading
strategies.
2. Statutory Basis
By eliminating the position limits for Regular-Size Volatility
Index Options, the Exchange believes that this proposed rule change is
consistent with Section 6(b) of the Act,\11\ in general, and further
the objectives of Section 6(b)(5) in particular,\12\ in that it should
promote just and equitable principles of trade, serve to remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and protect investors and the public
interest.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing proposed rule change has become effective pursuant to
Section 19(b)(3)(A) of the Act.\13\ and Rule 19b-4(f)(6) thereunder
\14\ because the proposed rule change: (1) Does not significantly
affect the protection of investors or the public interest; (2) does not
impose any significant burden on competition; and (3) does not become
operative for 30 days from the date of filing, or such shorter time as
the Commission may designate if consistent with the protection of
investors and the public interest pursuant to Section 19(b)(3)(A) of
the Act \15\ and Rule 19b-(f)(6) \16\ thereunder.
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6).
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange has requested that the Commission waive the five-day
pre-filing notice requirement and the 30-day operative delay.\17\ The
Commission is exercising its authority to waive the five-day pre-filing
notice requirement and believes that the waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Acceleration of the operative delay would allow CBOE to
eliminate position limits for Regular-Size Volatility Index Options,
which would make the position limit treatment of these options
consistent with that of broad-based index option contracts on the DJX,
NDX, and SPX. For these reasons, the Commission designates the proposal
to be effective and operative upon filing with the Commission.\18\
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\17\ 17 CFR 240.19b-4(f)(6)(iii).
\18\ For the purposes only of waiving the operative date of this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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At any time within 60 days of the filing of the proposed rule
change the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in the furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons ar invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File
[[Page 36571]]
Number SR-CBOE-2006-55 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CBOE-2006-55. This file
number should be included on the subject lien if e-mail is used.To help
the Comission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Section, 100 F Street, NE., Washington,
DC 20549-1090. Copies of such filing also will be available for
inspection and copying at the principal office of the CBOE. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-CBOE-2006-55 and should be
submitted on or before July 18, 2006.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 06-5680 Filed 6-26-05; 8:45 am]
BILLING CODE 8010-01-M
